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Where to get a mortgage
You can get a
mortgage direct from a bank or building society, or visit a
mortgage
broker or independent financial
adviser (IFA). If you know
what you want and your circumstances are not complicated, going direct may be
your best bet. If your needs are slightly out of the ordinary or you don’t know
what type of mortgage to choose, then an intermediary will be able to help.
To talk to someone about a mortgage you can make an appointment with a mortgage
adviser at any high-street lender’s branch. Most now have telephone operations
too so if you prefer you can talk to someone in the comfort of your own home.
The same is true of brokers. Most offer face-to-face advice or help via a call
centre. Some also have internet sites which feature online assistance. You
answer a number of questions and the mortgages that are appropriate for your
circumstances are listed. You can apply for the deal you want via the site, or
just use the information when you approach a lender or a broker.
The Financial Services Authority (FSA) now regulates mortgages. This means that
you will receive clear information about mortgages and mortgage services in a
standard format before you apply for a mortgage. An Initial Disclosure Document
(IDD) tells you about the adviser, their company, the service they provide and
the commission they are paid. A Key Facts Illustration (KFI) gives clear
information about the product and its costs. The documents are designed to make
it easier for you to shop around by using them to compare products and services
from a number of companies.
Don’t be afraid to ask as many questions as you need to about the
arrangements for your
uk mortgage.
Remember, you are about to borrow thousands of pounds so you need to understand
what's going on.
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